UMAX.AX vs. QAU.AX
UMAX.AX (Betashares S&P 500 Yield Maximiser Complex ETF) and QAU.AX (Betashares Gold Bullion Currency Hedged ETF) are both exchange-traded funds - UMAX.AX is a Derivative Income fund actively managed by BetaShares, while QAU.AX is a Gold fund tracking the No Index (Physical Commodity). UMAX.AX is actively managed, while QAU.AX is passively managed. Over the past 10 years, UMAX.AX returned 9.48%/yr vs 9.61%/yr for QAU.AX. Their -0.27 correlation means they have often moved in opposite directions in the past. UMAX.AX charges 0.79%/yr vs 0.59%/yr for QAU.AX.
Performance
UMAX.AX vs. QAU.AX - Performance Comparison
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Returns By Period
In the year-to-date period, UMAX.AX achieves a -0.96% return, which is significantly higher than QAU.AX's -6.93% return. Both investments have delivered pretty close results over the past 10 years, with UMAX.AX having a 9.48% annualized return and QAU.AX not far ahead at 9.61%.
UMAX.AX
- 1D
- 0.35%
- 1M
- -1.28%
- 6M
- 3.86%
- YTD
- -0.96%
- 1Y
- 4.81%
- 3Y*
- 10.42%
- 5Y*
- 9.25%
- 10Y*
- 9.48%
- ALL TIME*
- 9.78%
QAU.AX
- 1D
- 1.06%
- 1M
- -2.26%
- 6M
- -21.73%
- YTD
- -6.93%
- 1Y
- 21.90%
- 3Y*
- 25.47%
- 5Y*
- 15.02%
- 10Y*
- 9.61%
- ALL TIME*
- 5.81%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| A$3.72M | A$2.89M | A$5.05M | |
| A$361.25K | A$824.64K | A$541.21K |
UMAX.AX vs. QAU.AX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UMAX.AX Betashares S&P 500 Yield Maximiser Complex ETF | -0.96% | 4.00% | 31.81% | 15.37% | -9.29% | 29.75% | -6.67% | 22.95% | 2.49% | 5.84% |
QAU.AX Betashares Gold Bullion Currency Hedged ETF | -6.93% | 64.44% | 23.72% | 10.71% | -2.91% | -5.11% | 20.13% | 17.39% | -2.97% | 10.34% |
Correlation
The correlation between UMAX.AX and QAU.AX is -0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.08 |
Correlation (3Y) Balances recent behavior with more history. | -0.18 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.18 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.25 |
Correlation (All Time) Calculated using the full available price history since Sep 17, 2014 | -0.27 |
The correlation between UMAX.AX and QAU.AX shifts across timeframes, from -0.27 (all time) to -0.08 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UMAX.AX vs. QAU.AX — Risk / Return Rank
UMAX.AX
QAU.AX
UMAX.AX vs. QAU.AX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Betashares S&P 500 Yield Maximiser Complex ETF (UMAX.AX) and Betashares Gold Bullion Currency Hedged ETF (QAU.AX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| UMAX.AX | QAU.AX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.33 | ||
| Sortino ratioReturn per unit of downside risk | -0.52 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.17 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.37 | 0.74 | -0.37 |
| Martin ratioReturn relative to average drawdown | 0.86 | 1.54 | -0.68 |
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Drawdowns
UMAX.AX vs. QAU.AX - Drawdown Comparison
The maximum UMAX.AX drawdown since its inception was -24.10%, smaller than the maximum QAU.AX drawdown of -42.74%. Use the drawdown chart below to compare losses from any high point for UMAX.AX and QAU.AX.
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Drawdown Indicators
| UMAX.AX | QAU.AX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.10% | -42.74% | +18.64% |
Max Drawdown (1Y)Largest decline over 1 year | -11.14% | -28.96% | +17.82% |
Max Drawdown (3Y)Largest decline over 3 years | -15.42% | -28.96% | +13.54% |
Max Drawdown (5Y)Largest decline over 5 years | -17.14% | -28.96% | +11.82% |
Max Drawdown (10Y)Largest decline over 10 years | -24.10% | -28.96% | +4.86% |
Current DrawdownCurrent decline from peak | -2.02% | -26.93% | +24.91% |
Average DrawdownAverage peak-to-trough decline | -5.14% | -19.53% | +14.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.87% | 14.00% | -9.13% |
Volatility
UMAX.AX vs. QAU.AX - Volatility Comparison
The current volatility for Betashares S&P 500 Yield Maximiser Complex ETF (UMAX.AX) is 2.25%, while Betashares Gold Bullion Currency Hedged ETF (QAU.AX) has a volatility of 5.43%. This indicates that UMAX.AX experiences smaller price fluctuations and is considered to be less risky than QAU.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UMAX.AX | QAU.AX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.25% | 5.43% | -3.18% |
Volatility (6M)Calculated over the trailing 6-month period | 7.68% | 19.77% | -12.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.96% | 28.52% | -18.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.93% | 18.40% | -5.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.41% | 16.88% | -3.47% |
UMAX.AX vs. QAU.AX - Expense Ratio Comparison
UMAX.AX has a 0.79% expense ratio, which is higher than QAU.AX's 0.59% expense ratio.
Dividends
UMAX.AX vs. QAU.AX - Dividend Comparison
UMAX.AX's dividend yield for the trailing twelve months is around 3.17%, less than QAU.AX's 5.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QAU.AX Betashares Gold Bullion Currency Hedged ETF | 5.42% | 1.29% | 0.00% | 0.00% | 0.00% | 5.37% | 2.29% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UMAX.AX Betashares S&P 500 Yield Maximiser Complex ETF | 3.17% | 5.33% | 2.19% | 4.02% | 5.79% | 5.05% | 7.02% | 5.43% | 4.06% | 3.16% | 4.12% | 4.55% |
Frequently Asked Questions
UMAX.AX and QAU.AX have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, QAU.AX is cheaper at 0.59% per year. The better choice depends on whether you care most about return, fees, risk, or income.
QAU.AX is cheaper with a 0.59% expense ratio, compared with 0.79% for UMAX.AX.
UMAX.AX is categorized as Derivative Income, while QAU.AX is Gold. Their fees differ too: 0.79% for UMAX.AX and 0.59% for QAU.AX.
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